Explanation
1. BACKGROUND
This legislation authorizes the Director of Public Service to modify existing agreements with NRI Equity Land Investments, LLC, (NRI) and CSX Transportation, Inc. (CSXT) relative to the Roadway Improvements - Third Avenue Railroad Bridge project.
The aforementioned effort is a Public-Private Partnership (3P) between the Department of Public Service and NRI, pursuant to the Tax Increment Financing Agreement effective July 12, 2012, and the Second Amendment to the Tax Increment Financing Agreement effective October 25, 2016, for the construction and reimbursement of public infrastructure improvements that support private development activities in and around the Third Avenue and Olentangy River Road area of Columbus, also known as Grandview Yard. Improvements include: widening and reconstructing Third Avenue from a point 375’ west of the CSX railroad bridge to a point 400’ east of the bridge; constructing a new three-lane roadway known as Rail Street to the south of Third Avenue; replacing the CSX railroad overpass and making tail track improvements at the new overpass structure; replacing the traffic signal at the intersection of Fifth Avenue and Edgehill Road; and installing a shared use path and new sidewalk within the project limits.
Construction of the project necessitated the execution of a Guaranteed Maximum Reimbursement and Construction Contribution Agreement with NRI, pursuant to Ordinance 1196-2016, which authorized the acceptance and appropriation of $1,008,897.00 from NRI to support the completion of necessary improvements to the railroad bridge; and the execution of a Construction Agreement with CSX, pursuant to Ordinance 2089-2016, which authorized the expenditure of those funds for that purpose.
However, the actual and anticipated future costs incurred by CSX during the prosecution of that work are significantly higher than originally estimated. This legislation authorizes: 1) the Director of Public Service to modify the ...
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